Author: ipgocorp

SEATTLE, WA – Laird Norton Properties, a real estate investment company, and Spectrum Development Solutions, a real estate advisory and development firm, announced a strategic joint venture partnership aimed at building workforce and student housing in high-growth, urban areas throughout the Pacific Northwest.

The two Seattle-based firms plan to develop mixed-use, multifamily rental housing for renters earning between 60% – 120% of Area Median Income (approximately $40,000 – $80,000). These are teachers, health care workers, lab technicians, police officers, public employees, and many other private and public-sector professionals who keep our region running.

The Joint Venture portfolio will be approximately $500 million of combined investment totaling approximately 1,000 units of rental housing targeting the 60% -120% of AMI. Laird Norton Properties and Spectrum will retain a long-term interest in the properties. As part of the initiative, Laird Norton will leverage up to $150 million of its own money to borrow additional funds. The partners also plan to save on land costs by giving property owners a partial stake in their projects, if desired.  

“Laird Norton Properties is a family-owned diversified holding company based on the belief that patience isn’t just a virtue, it’s an advantage,” said Jeff Vincent, Laird Norton’s Chief Executive Officer and President. “We are long-term investors who have prioritized lasting partnerships over quick profits for more than 150 years. As our region continues to grow, we recognize the importance of having a range of housing in high-growth, urban areas for people of all income levels. Like Spectrum, we believe that investing in what they refer to as the ‘missing middle’ is good for our city and for Laird Norton Properties.”

Spectrum said the joint venture represents a strong alignment of expertise, investment philosophy and values. “Spectrum’s multigenerational leadership is focused on high-quality development projects, long-term stewardship and value creation, all of which is complemented by Laird Norton’s strong track record of successful co-investments,” said Hal Ferris, Founding Principal at Spectrum.

Spectrum recently delivered three successful workforce housing apartment projects in the 12th Avenue/First Hill corridor and provided development management services to the Moriguchi family for the successful renovation and adaptive reuse of the landmark Publix Hotel in the International District. “Our recent projects were designed to fill a gap in housing by providing high-quality apartment homes for workforce professionals who want to live close to downtown but can’t afford luxury rents and don’t qualify for subsidized housing,” said Jake McKinstry, Principal at Spectrum. “It’s what we call the missing middle in urban rental housing.”

With this announcement, both firms also confirmed that they have started their first workforce housing project, Canton Lofts. Located at the corner of Third Avenue South and South Washington Street in Pioneer Square, Canton Lofts pays homage to the original Canton Building, which stood on the site from 1894 through the mid-1900s before being demolished. It was the city’s first brick structure built after the Great Seattle Fire.

Canton Lofts will include a total of 80 innovative workforce housing units, all which will be at rents affordable to people earning 100% of AMI and below. The building will also include approximately 3,000 sq. ft. of ground-level retail space that will be leased to Path with Art, a local non-profit that transforms the lives of people in recovery by harnessing the power of creative engagement through art as a bridge to community and stability.

The development is a partnership with John and Shari Behnke, who contributed the land and will remain long-term co-owners of the project along with Laird Norton Properties and Spectrum.

“Shari Behnke approached us about the site after reading about Spectrum’s commitment to building workforce housing,” said Gabe Grant, Principal at Spectrum.

“The Behnkes had looked at several different development scenarios over the years but ultimately decided that a partnership with Spectrum to develop workforce housing and retain space for Path with Art, had the long-term civic value that they were looking for. We are delighted to be partnering with them and Laird Norton Properties.”

“This project represents a full circle for Laird Norton Properties,” added Vincent. “It’s in Pioneer Square which represents our roots in the Pacific Northwest, near our corporate headquarters of almost 60 years, and includes a well-respected philanthropic Seattle family that shares our civic focus. Together we are building middle-class housing that our downtown neighborhoods desperately need and we are retaining a non-profit that serves those looking for a pathway to stability. This is what we call doing well by doing good.”

MOUNTAIN VIEW, CA – City of Mountain View Mayor Ken Rosenberg, Santa Clara County Board Supervisor Joseph Simitian, State Housing and Community Development Director Ben Metcalf, California Department of Veterans Affairs and other local leaders celebrated the groundbreaking of Eagle Park Apartments, an affordable residential rental community being developed by Palo Alto Housing (PAH) in the center of Silicon Valley.

Eagle Park Apartments will be an architecturally innovative building comprised of 67 rental apartments which will house low-income veterans and households earning up to 60 percent of the Santa Clara County Area Median Income (AMI). The unit mix consists of 62 studios at approximately 400 square feet and five one-bedroom apartment homes at nearly 600 square feet.

Expected to be completed in the fall of 2018, this approximately half-acre property is centrally located in Mountain View at 1701 W. El Camino Real, within walking distance of groceries, pharmacies, restaurants and public transit. The residential apartment community building will be GreenPoint Rated through the inclusion of the following green design features: solar thermal system, energy-efficient HVAC, energy-efficient lighting and water-conserving fixtures. Onsite amenities will include roof decks for socializing, a community room with a computer lab, community kitchen and elevator access on every floor. Van Meter Williams Pollack is the Architect. Branagh Inc. is the General Contractor.

“Palo Alto Housing commends the City of Mountain View for making affordable housing a strategic priority,” said Candice Gonzalez, CEO of Palo Alto Housing. “We truly appreciate the collaboration between our public and private partners. In the middle of Silicon Valley, in one of the most expensive real estate markets in the country, we are proud to honor our veterans and workforce with high-quality, affordable housing in an amenities-rich neighborhood.”

Financing for the $33 million development is provided by the City of Mountain View, County of Santa Clara, U.S. Bancorp, State Department of Housing and Community Development, Veterans Housing and Homelessness Prevention Program, California Housing Finance Agency, California Department of Veterans Affairs and Google. “Google is honored to help support the amazing work that Palo Alto Housing is doing,” said Adrian Schurr, Bay Area Program Manager for Google.org. “PAH is an amazing leader in the community and we’re excited to see the success of their initiatives.”

“It was in June last year where we, as a city, stepped up and invested $8 million in development funds for this Palo Alto Housing Corporation project because it is bringing 67 new affordable homes with easy access to mass transit,” said Mountain View Mayor, Ken Rosenberg. “This project is a great example of how both cooperation and smart development can make our city more accessible by increasing our overall supply of affordable housing and making a great place for our veterans to come home to.”

Palo Alto Housing’s property management division will provide professional, onsite property management. PAH’s resident services division will partner with a network of service providers including the VA Palo Alto and Abode Services to provide robust supportive services to residents. Services will be designed to ensure housing stability, promote health and wellness, and encourage social integration. Palo Alto Housing’s mission is to create stronger, more diverse communities by providing and maintaining high-quality, affordable housing where individuals and families thrive.

In its more than 47 years of service, non-profit Palo Alto Housing (PAH) builds, develops, acquires, and manages low- and moderate-income housing in the San Francisco Bay Area. With over 700 units located on the Peninsula, PAH provides high-quality, award-winning housing with subsidized rents, to the greatest degree possible, and supports its residents in reaching their goals through its Resident Services program. Palo Alto Housing continues to expand its portfolio and focuses its future housing efforts along transit corridors on the Peninsula.

AUSTIN, TX – Aspen Heights Partners, developer and manager of a diverse portfolio of real estate across the U.S., announced its acquisition of Lincoln Property Company’s student housing division, Grand Campus Living (GCL). Aspen Heights Partners will take on property management of more than 3,000 beds across the U.S.

“This acquisition is a testament to Aspen Heights’ continued commitment to expanding our business platform,” said Sid Keswani, Chief Operating Officer for Aspen Heights Partners. “With this acquisition, we are excited to grow our third party property management footprint and expertise, and we will continue to provide best-in-class care to the students living in these properties.”

Since 2010, Grand Campus Living has been involved in the management and development of student housing. “We’re confident Aspen Heights will continue to show students and clients the highest level of service and dedication. Their reputation within the student-housing industry assures us GCL will continue to provide these students with a strong sense of community and convenient lifestyle,” said Scott Wilder, Executive Vice President of Residential Management for Lincoln Property Company.

The properties include both on and off campus assets across the U.S., including Pennsylvania, Ohio and Oklahoma with a majority of the properties in Texas and Florida. Demi Sterling-Kinney, Vice President of Operations for Aspen Heights Partners, will be overseeing the third-party property management division, effective June 8, 2017.

BRADENTON, FL – Inland Private Capital Corporation announced the sale of Lost Creek Resorts at Lakewood Ranch Apartments located in Bradenton, Florida, for a gross sale price of $50.5 million. IPC, through its subsidiary which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs.

Situated on 23 acres with close proximity to the area beaches and Anna Maria Island, the property is located at 11140 Lost Creek Terrace Lakewood Ranch in Bradenton, Florida, approximately 13 miles northwest of Sarasota.

Constructed in 2012, the approximately 300,000-square-foot apartment property includes nine buildings with 92 one-bedroom, 124 two-bedroom and 56 three-bedroom units.

“Bradenton Multifamily DST was another successful full-cycle transaction on our multifamily investment platform for IPC’s investors,” said Keith Lampi, president and chief operating officer of IPC. “We purchased the property in 2012, and it provided consistent income and a substantial profit on sale, resulting in an 11.26% average annualized return to investors. Many have elected to reinvest their proceeds into other properties owned by IPC-sponsored programs.”

As of May 31, 2017, the property was 100 percent leased.

The sale resulted in a total return to the investors of 152.49 percent (calculated based on the aggregate amount of original capital invested in the property).

WASHINGTON, DC – Delayed marriages, an aging population and international immigration are increasing a pressing need for new apartments, to the tune of 4.6 million by 2030, according to a new study commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA). It’s important to note that:

Currently, nearly 39 million people live in apartments, and the apartment industry is quickly exceeding capacity; In the past five years, an average of one million new renter households were formed every year, which is a record amount; and, It will take building an average of at least 325,000 new apartment homes every year to meet demand; yet, on average, just 244,000 apartments were delivered from 2012 through 2016.

Based on research conducted by Hoyt Advisory Services and commissioned by NAA and NMHC, the data includes an estimate of the future demand for apartments in the United States, the 50 states and 50 metro areas, including the District of Columbia. For the purposes of this study, apartments are defined as rental apartments in buildings with five or more units.

The increased demand for apartments is due in large part to:

Delayed House Purchases. Life events such as marriage and children are the biggest drivers of home ownership. In 1960, 44 percent of all households in the U.S. were married couples with children. Today, it’s less than one in five (19 percent), and this trend is expected to continue.

The Aging Population. People ages 65-plus will account for a large part of population growth going forward across all states. The research shows older renters are helping to drive future apartment demand, particularly in the northeast, where renters ages 55-plus will account for more than 30 percent of rental households.

Immigration. International immigration is assumed to account for approximately half (51 percent) of all new population growth in the U.S., with higher growth expected in the nation’s border states. This population increase will contribute to the rising demand for apartments. Research has shown that immigrants have a higher propensity to rent and typically rent for longer periods of time.

“We’re experiencing fundamental shifts in our housing dynamics, as more people are moving away from buying houses and choosing apartments instead. More than 75 million people between 18 and 34 years old are entering the housing market, primarily as renters,” said Dr. Norm Miller, Principle at Hoyt Advisory Services and Professor of Real Estate at the University of San Diego. “But renting is not just for the younger generations anymore. Increasingly, Baby Boomers and other empty nesters are trading single-family houses for the convenience of rental apartments. In fact, more than half of the net increase in renter households over the past decade came from the 45-plus demographic.”

“Apartment rentals are on the rise, and this trend is expected to continue at least through 2030, which means we’ll need millions of new apartments in the U.S. to meet the increased demand. The western U.S. as well as states such as Texas, Florida and North Carolina are expected to have the greatest need for new apartment housing through 2030, although all states will need more apartment housing moving forward,” said NAA Chair Cindy Clare, CPM. “The need is for all types of apartments and at all price points.”

There will also be a growing need for renovations and improvements on existing apartment buildings, which will provide a boost in jobs (and the economy) nationwide. Hoyt’s research found that 51 percent of the apartment stock was built before 1980, which translates into 11.7 million units that could need upgrading by 2030. The older stock is highly concentrated in the northeast.

“The growing demand for apartments – combined with the need to renovate thousands of apartment buildings across the country – will make a significant and positive impact on our nation’s economy for years to come,” explained NMHC Chair Bob DeWitt. “For frame of reference, apartments and their 39 million residents contribute $1.3 trillion to the national economy. As the industry continues to grow, so will this tremendous economic contribution.”

Other highlights from the report include:

Demand is expected to be especially significant in Raleigh, N.C., with a 69.1 percent increase in new apartment units between now and 2030, Orlando, Fla. (56.7 percent), and Austin, Texas (48.7 percent). Also notable, the demand in the New York City metro area will call for an additional 278,634 apartment units, Dallas-Ft. Worth, Texas (266,296 new units), and Houston, Texas (214,176 new units).

Propensity to rent is higher in high-growth and high-cost states.

Hundreds of thousands of new rental units will be needed by 2030 in states such as California, Georgia, Arizona, Florida, North Carolina, Nevada, New York, Texas, Virginia and Washington.

In conjunction with the study’s release, the website www.WeAreApartments.org breaks down the data by each state and 50 key metro areas. Visitors can also use the Apartment Community Estimator – or ACE – a tool that allows users to see the trends in their state or metro area to determine the potential economic impact locally.

SAN ANTONIO, TX – LYND announced its newest acquisition, a portfolio of eleven Texas multifamily properties. LYND sourced this portfolio through its broad base of relationships in the industry and partnered with a global private equity firm to capitalize the transaction.

The portfolio consists of eleven properties with 2,405 units with an average vintage of 2005. The business plan centers on improving the neglected aspects of the various properties, improving operations and increasing rents to perform in-line with, or better than, market standards.

LYND will also support these assets with active property management, marketing and construction services to improve the quality of these buildings ultimately increasing portfolio net operating income and asset values. These acquisitions will greatly enhance LYND’s already strong presence throughout Texas. The eleven-property portfolio has the largest concentration of assets in Dallas, with other assets in Houston, Midland, Odessa and El Paso. We are excited to offer our knowledge, skillset and management services to position these assets as leaders in their submarkets.

Madison Marceau, an Executive Vice President of Acquisitions at LYND, said, “We are excited to acquire this great collection of eleven assets all located in our home state of Texas. We very much appreciate the efforts of our capital partner and the key role they played in the acquisition. The team at LYND is looking forward to managing these assets with a focus on optimizing operations, enhancing the resident experience and successfully executing our business plan.”

LYND is a vertically integrated real estate platform with investments, development, investment management and property management. With 35 years of multifamily experience, we currently serve approximately 30,000 units across eight states and have completed over $4 billion in multifamily transactions/investments.

RALEIGH, NC – Officials of The Preiss Company (TPCO), ranked the nation’s fifth largest, privately-held, student housing owner-operator, announced that it continues to build on its record 2016 growth with the acquisition of Cabana Beach Gainesville and Cabana Beach San Marcos, two student housing communities totaling a combined 2,232 beds for an undisclosed amount. The two communities, serving the University of Florida and Texas State respectively, will be renovated and repositioned in their respective markets.

“These acquisitions with a new joint venture partner play to another one of our core strengths: adding value through strategic upgrades and repositioning,” said Donna Preiss, founder and CEO, The Preiss Company. “TPCO has a proven record in both in-depth renovation and development. We’ve overseen more than $30 million in construction/upgrades over the past three years. Only a handful of student housing owner/operators have the extensive experience and expertise in this sector of our business.”

Cabana Beach San Marcos

Located just off the Texas State University campus, the 744-bed Cabana Beach San Marcos sits on 19 acres and provides the latest in student resources. Community amenities include a swimming pool, sand volleyball court, dog park, regulation-sized basketball court, computer lab and study rooms.

All units are fully furnished with private bedrooms and private bathrooms. Additionally, units come with a full kitchen with oven, refrigerator, dishwasher, microwave, full-size washer and dryer, private balconies/patios, as well as wood-style floors in the common areas.

TPCO plans to upgrade 114 units, totaling 306 beds, and to renovate the community’s clubhouse. “The Cabana Beach San Marcos is a prime value-add addition to our continually growing student housing portfolio,” Preiss noted. “We secured the property at below replacement cost, and the market has seen approximately five percent rent growth in recent years, making this a particularly attractive investment.”

Cabana Beach Gainesville

Situated roughly a mile from the campus of the University of Florida, the 1,488-bed Cabana Beach Gainesville is housed on 55 acres. Each fully equipped apartment unit provides a flat-screen television, coffee and end tables, sofa, couch, dining table and fully furnished private bedrooms and bathrooms. Rooms also provide full-sized washer and dryer, alarm systems and private balconies/patios. Community amenities include a beach clubhouse, resort-style waterfall pool, sandy beach tanning zone, 24-hour fitness center, sand volley ball courts, grilling stations, computer lab, study rooms and a gated entrance. The pet-friendly community also hosts weekly resident events.

TPCO is planning to renovate common areas, as well as units, and expects to makeover the building exteriors with power washing and/or new paint, new fencing, upgraded gutters and new window screens.

“The Cabana Beach Gainesville will benefit from capital infusion and a renewed focus on rental growth,” Preiss stated. “TPCO’s business plan is to double down in markets with solid fundamentals and in which the company already has a successful presence. Both of these assets are in alignment with that plan. We currently are in both markets with assets that have experienced 100 percent occupancy, as well as above average rental rate growth.

“We enjoyed record growth last year and are on target to challenge that record in 2017. Our national pipeline remains full, and we continue to have an appetite for further growth with a continued positive outlook for the industry,” Preiss concluded. “TPCO targets markets in the 5 largest student housing states, and Texas and Florida are the two largest student housing states in the U.S. With these two purchases, TPCO will own and/or manage approximately 4,500 beds in Florida and more than 5,300 beds in Texas.”

MINNEAPOLIS, MN – Calvera Partners, a California based private real estate investment firm, acquired Grant Street Commons, an 85-unit, 8-story, apartment building located at 515 E. Grant Street in downtown Minneapolis, MN for $11.375 million ($133,800/unit). The property is in an emerging downtown Minneapolis neighborhood, and walking distance to the new Minnesota Vikings stadium, light rail transit, and major downtown employers, with great freeway access. The deal is the first in Calvera’s national expansion into emerging urban markets.

Calvera improves each community in its portfolio with a rebranding and repositioning strategy that is unique to each asset and draws inspiration from the boutique hotel industry. Calvera will give Grant Street Commons a new, unique design/brand and will implement strategic physical improvements to the common areas and unit interiors to provide its community members with a more modern experience while still providing a value relative to recently built apartment buildings in the downtown market.

“We’re looking forward to rebranding and repositioning the property to better compete in the dynamic downtown market,” said Brian Milovich, Managing Principal at Calvera Partners. “This won’t be a cookie cutter renovation. The design and brand will be authentic and bring this 1980s building into 2017 and beyond. We’re going to provide an outstanding value-oriented product that brings positive attention to the neighborhood.”

In addition to its demographic makeup and desirable urban living, Minneapolis-St. Paul is attractive to investors. Major city attractions include Target Field, US Bank Stadium, five art museums, the award-winning Guthrie Theatre, 49 regional parks and park reserves, The Mall of America and the nearly 50,000 student population at the University of Minnesota. According to a recent New York Times article, the city had the third highest increase in density, just behind Chicago and Seattle, from 2010-2016 out of the 51 metros with more than 1 million people in the country.

“We chose Minneapolis as our first city outside of California because we think the Twin Cities is still a well-kept secret across the country,” said Milovich. “It is densely populated, showing steady growth, has major attractions and large businesses, and most importantly, a desire for urban living. The city and developers alike have invested millions of dollars in East Town. We can see that progress heading south on Portland Avenue and want to be part of that evolution.”

This is Calvera’s first acquisition outside of the San Francisco Bay Area and the first acquisition in its fully-discretionary real estate investment fund. Concurrent with the acquisition, Calvera is opening an office in the Twin Cities and seeking additional investments in the Minneapolis-St. Paul metro area, in addition to other markets across the country.

SACRAMENTO, CA – Decron Properties has traded a 264-unit multifamily property in Sacramento, CA and cash to Sequoia in a direct exchange for a two-property 504-unit apartment portfolio in Simi Valley, CA in a transaction valued at $193 million.

“A direct exchange is highly unusual and had never been executed by either Decron or Sequoia and a lot of pieces needed to fall into place in order for this transaction to occur,” said Decron Vice President of Acquisitions & Finance Daniel Nagel.  “It started with Institutional Property Advisors (IPA) representing both parties in their respective sales. When we learned that Sequoia Equities was as interested in our Sacramento property as we were in their Simi Valley portfolio, we asked the brokers to find a creative way for both companies to achieve their business goals at a time where deal volume has slowed significantly and inventory has become extremely limited.” 

“This could have never worked if we had not previously closed multiple transactions with both Decron and Sequoia,” said Stan Jones, IPA executive managing director “Both firms have a great reputation and are active buyers in the marketplace. Putting the two transactions together while understandable was fraught with risk.  We are pleased at the result and our ability to assist two important clients achieve their investment goals.”

While the transaction took no more than 70 days to complete, the complexity of the deal required more than 15 lawyers across five law firms to close. 

Decron acquired the 372-unit The Villas and the 132-unit Overlook located on Country Club drive within one-half-mile of each other in the 4,000-acre master planned community of Wood Ranch. Together the properties represent the largest multifamily asset in Simi Valley, a bedroom community 45 miles north east of downtown Los Angeles.   

Both highly amenitized properties were built in 1986 and feature one- and two-bedroom floor plans that cater to young working professionals that have been priced out of home ownership in the affluent suburban Ventura County neighborhood where the median home price is $762,000.  The Villas boast two resort-style swimming pools, two tennis courts, and a putting green on a 15-acre site.  The Overlook includes a swimming pool and spa, fitness center, and sports court on a low-density eight-acre site. 

Serving a population of more than 162,000 the inventory of multifamily housing in the Simi Valley/Moorpark submarket totals only 6,523 units, according to IPA.  Of the 702 units in the construction pipeline only 102 are entitled.

“The Ventura County economy continues to be driven by strong job growth in high-tech, clean energy, and healthcare,” added Greg Harris, IPA executive managing director. “Highly educated professionals are migrating to the area from Los Angeles and beyond, for the jobs, great schools and quality of life, but are finding quality affordable housing options difficult to come by in one of the most supply constrained multifamily markets in Southern California. The confluence of demand drivers and limited supply creates a compelling value-add story.” 

Sequoia took title to Broadstone at Strawberry Creek, a 264-unit gated apartment community in the Sacramento suburb of Elk Creek. Broadstone was Decron’s first investment in Northern California when they acquired the property in June 2012.  

“This was an excellent investment that performed very well for us over the five-year hold period,” added Nagel.   “While Sacramento continues to boast sound market fundamentals for multifamily investment, we were operating inefficiently because we only had one asset in the submarket. The equity from the sale of Broadstone is being deployed to meet our current strategic focus in more core California markets adjacent to major employment centers which includes first ring submarkets around Los Angeles, Orange County, San Diego, Silicon Valley and East Bay (Contra Costa and Alameda County) where we believe sustained rent growth can be achieved over time.

Stan Jones, Philip Saglimbeni and Salvatore Saglimbeni in IPA’s Palo Alto office along with Gregory Harris, Kevin Green, and Joseph Grabiec in the firm’s South Bay/Encino office represented Decron and Sequoia in the complex transaction. 

FARMINGTON HILLS, MI – Village Green, a nationally-recognized apartment management and services company, announced that it has recently completed a year-long strategic transition where it realized an expansion in its corporate portfolio to new markets, including Atlanta, and Phoenix as part of the company’s valued and growing relationship with property owners looking to create stronger connections with experience-minded renters.

Led by Village Green’s passionate and engrained belief that the customer needs and impressions should be at the core of every interaction, the company has furthered investment in social media channels and touch point surveys in order to gain real-time feedback. As discerning renters seek a more meaningful experience between renter and property manager, the incorporation of feedback and social community channels has taken down traditional barriers while building up a hospitality-minded atmosphere.

This expansion of properties and services completes a one year strategic transition led by CEO Diane Batayeh, a long-time Village Green team member and advocate, whom has worked to redefine the relationship that the company has built with its ever-expanding, national portfolio. An industry veteran, Batayeh has sought to create a company with hospitality ideals that connects with everyone at a one-to-one level, while also understanding the needs and desires of a discerning renter. It is under Batayeh’s leadership that the company has placed a greater emphasis on understanding and satisfying the needs and passions of every customer as a corporate mission.

“When you have a team that wakes up every day with a commitment in seeing the customer have the best experience possible, that is truly at the core of what makes Village Green special,” Batayeh noted. “We are encouraging all of our people to create authentic experiences that lead to stories people want to share, so as we expand to new cities, so too does the emphasis around demonstrating our value in each unique relationship.”

An expanding portfolio for the service-driven renter

Renting an apartment is no longer just a transaction between the renter and the property manager. With amenities such as coffee bars and lounges becoming standard requested features, the relationship between Village Green and its customer has also matured in order to meet these challenges and deliver authentic experiences.

This push toward being the creator of experiences and storylines has also led Village Green to expand communications within its expanding customer base. From building out resident portals and offering text-based alerts, to interacting with its renter community via social media networks, Village Green continues to evolve its technology-based services in order to increase communications and create more valuable connections.

“As part of our continued focus on creating greater relationships with our customers, we have taken direct feedback and combined it with our experience in integrating technologies into our services,” said David Ferszt, president of Village Green Management Company. “The response across the board has been simply amazing and inspirational, as we continue to invest in our most valuable asset – our greater Village Green community.

The company’s “people-first” mentality has been at the center of Batayeh and Ferszt’s collective leadership. From encouraging employees to bring new technologies to the table, to hosting an open dialogue with its associates and customers, Village Green has truly embraced the value of the experience. This focus on each individual has created a company-wide culture where each employee seeks to deliver meaningful experiences at every turn.

After all, Village Green offers something more than just an experience – it offers a home.